AUD GBP has remained range bound since the start of the month although we are just over 1%, what's the Australian Dollar Forecast for the rest of this week?
Overnight the Reserve Bank of Australia (RBA) left interest rates on hold at 0.25% which was widely expected.
The EURAUD exchange rate has continued to fall for the last 5 weeks in a row with current midmarket rates at 1.681 at the start of today’s trading.
This morning the Australian dollar to euro interbank exchange rate was ranging between a low of 0.5888 and a high of 0.5925.
Australia has managed to avoid some of the major financial crises in recent times, with the financial crisis of the late 2000’s and 2011 behind some of the most recent examples.
The Australian dollar continued it’s impressive run against the euro last week, chipping away a further 1.5% to hit the high 0.58s.
The Australian dollar has lost ground against the euro reaching a low of 0.5791. The Australian dollar is not considered a safe haven currency, it is a riskier commodity based currency and can prove vulnerable during times of global economic uncertainty. Australia is also heavily reliant on China as it's largest import and export trading partner, should there be a drop in growth in China this can have an effect on the Australian economy. The EU has now pledged €500bln in emergency support, which...
The euro to Australian dollar exchange rate has been falling heavily and consistently over the last few days to a month-low of 1.734 with some political and economic disruptions being the main cause for the Euro weakness. Of late, the Financial Times have recently released predictions that Spain’s Gross Domestic Product (GDP) data could drop by a staggering 15.5% by the end of the year. As one of the worst hit countries both in Europe and globally, with 150k cases and 15,000 deaths, the...
Exchange rates for those looking to sell euros and buy Australian dollars have continued to creep back down over the course of the trading week.
After dropping to its lowest levels against the euro since May 2009 last month, the Australian dollar has since begun to rebound against the euro with the pair currently trading up almost 0.5% on the day at 0.5685. The recovery in the Australian dollar has corresponded with China’s diminishing number of victims from the COVID-19 pandemic, which has been a common them for the value of the Aussie dollar for some months now. When China was the centre of the crisis we saw the Australian...